Ten former government-appointed directors in two sequestered companies risk being haled to court for the excessive pay and allowances they allocated for themselves during their tenure.

The Presidential Commission on Good Government (PCGG) issued demand letters last December to 15 former government nominees in the boards of the Independent Realty Corporation (IRC) and the Bataan Shipyard and Engineering Corporation (Baseco).

So far, two of the three IRC directors notified have returned the excessive compensation identified by the PCGG, while three of the notified 12 Baseco directors have written back to express their “willingness” to return the excessive pay.

PCGG Chairman Andres Bautista said they are ready to file cases before the Ombudsman against those they have not heard from.

Bautista, however, did not release the names of the former board directors who got excessive compensation.

“The others have not given their reply but we have reached the ‘pass your papers’ stage. If we do not hear from them shortly, we’ll file charges,” Bautista said in an interview.

Bautista claims the PCGG under the new Aquino administration has turned around losing and mismanaged, surrendered or sequestered companies under its care by canceling onerous contracts and excessive allowances of Palace-appointed executives.

Within the PCGG, the incumbent commissioners also went after excesses by former officials who allegedly used the agency’s contingency funds and collected huge unliquidated cash advances.

Bautista’s immediate predecessor, Camilo Sabio, was charged before the Sandiganbayan in 2011 for misappropriating almost P12 million in PCGG funds.

Graft, malversation

The Office of the Ombudsman filed a criminal case of graft and malversation against Sabio for failing to remit to the national treasury P10,350,000 collected from the sequestered Mid-Pasig Land Development Corp. from the sale of the A. Soriano Corp. (Anscor) shares in 2006.

The Ombudsman also took Sabio to account for not liquidating P1,555,862 in cash advances he received as PCGG chairman for a trip to Kuala Lumpur, Malaysia.

Bautista said Sabio’s trial has been moving. “We believe a decision is forthcoming with respect to this case,” he said.

The IRC and Baseco are among the 50 surrendered and sequestered companies under the care of the PCGG with government-nominee directors.

A company created to deal with real-estate investments, the IRC and its subsidiary corporations were voluntary surrendered by Jose Campos in 1986 after the downfall of the late dictator Ferdinand Marcos.

Baseco, a shipbuilding and ship-repair corporation once identified with Marcos’ brother-in-law Alfredo “Bejo” Romualdez, is currently engaged in the lease of prime properties in Manila and in Mariveles, Bataan.

The PCGG reported that the corporations under its care are now operating in the black after years of operating at a loss.

“When the present commission took charge, some of these corporations were either operating at a loss or were grossly mismanaged, having been peopled by appointees who lacked the managerial wherewithal, much less the dedication to look out for the interest of the Republic,” the PCGG said in its June 2012 report.

The PCGG was created shortly after the 1986 People Power revolution to recover the ill-gotten wealth of the late dictator Marcos, his family and cronies.

It was also mandated to preserve the sequestered or surrendered companies believed to be owned or beneficially owned by the Marcoses and their cronies until there was a final court judgment on their ownership.

Since 1986 the PCGG reported having turned over to the national treasury P164 billion in recovered ill-gotten Marcos assets. All recovered assets by the PCGG will go to agrarian reform projects.

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http://www.yellowmythbusters.gov.ph/ Weder-Weder Lang

Naku po.

01. If PCGG is hounding past execs, why not hound present execs like PCSO Chair Margie Juico and her sidekick Aleta Tolentino who have failed to return the P9 million of excessive pay and allowances that is deemed illegal by Commission on Audit?

02. PCSO Chair Margie Juico should have no reason to complain even if she has to cough back her excessive pay and allowances. Margie and her husband made a tidy profit from the sale of the Quezon Institute property along E. Rodriguez Avenue. The buyer was of course the much favored classmate of PNoy (from kindergarten to college), Alex Lopez. We have to assume PNoy did not know anything about this, otherwise mapipikon na naman si PNoy.

03. On another note, PCGG and the Ombudsman should really go after Miro Quimbo, the former Pag-Ibig Fund CEO and President. It was under the leadership of Miro Quimbo and through his personal approval that Delfin Lee of Globe Asiatique got his loan of around P7 billion. Miro Quimbo is so in bed with the Delfin Lee that he even agreed to come out on a video endorsing the scam of of Delfin Lee. (youtube,com/watch?v=AjjJmYE-dF0)

http://pedestrianobserver.blogspot.com/ Political Jaywalker

This only proved that you can’t trust anyone anymore in the land of cheats.

Hopefully they get all of these shameless bantay salakay and yes, please go after all the crooks of yesterday and today in order to show the administration’s seriousness in fighting graft and corruption…….

Here is a common practice in the country on how people assigned to protect government money…they wallow on it until their eyes could not see hell.

koolkid_inthehouse

Read MSN news:

Tax haven data leak names names, raises questions

PARIS – It’s a data leak involving tens of thousands of offshore bank accounts, naming dozens of prominent figures around the world. And new details are being released by the day — raising the prospect that accounts based on promises of secrecy and tax shelter could someday offer neither.

Among those named include a top campaign official in France, the ex-wife of pardoned oil trader Marc Rich, Azerbaijan’s ruling family, the daughter of Imelda Marcos and the late Baron Elie de Rothschild. The widespread use of offshore accounts among the wealthy is widely known — even Mitt Romney acknowledged stashing some of his millions in investments in the Cayman Islands. But this week’s leak, orchestrated by a Washington DC based-group called the International Consortium of Investigative Journalists, appeared to be the broadest in what has been a steady stream of information emerging about hidden money in recent years amid a wave of anger targeting the super-rich in an age of austerity.

Horst Manure

These off shore accounts can leave a paper trail for ever and all the big companies are in on it Like Apple who only pay 1.9% tax, Starbucks etc.
Which explains why companies who don’t show a profit keep trading in the same environment for years.

speedstream2

Filing cases is one thing. Sheperding these cases on a fast-track mode toward the desired end-result is a completely different matter. In fact, is there reason to even hope with some optimism that the government will be successful in making these former PCGG officials truly accountable?

there should be a law similar to saudi arabia re excessive pay and allowances they allocated for themselves during their tenure. HE.HE. don’t worry, hindi naman ito PUTOL. mild lang ito,….LATIGO (pagi) na lang. ever since we become a republic. hindi na nawala ang pagsasamantala ng gov’t officialS. perhaps lowest sentence should be 100 (20 each day) slashes and up. MAYBE this way they can feel the pain.

dikoy321

Views from Germany:
Mr Bautista, pls FILE the CASES and NAME them PUBLICLY, so the Nation and people will KNOW them !
Do what the Germans do: QUICk action, PENALIZE them and less BLA BLA !
Forward Philippines !!!